There can be tremendous benefits to a family foundation that invites one or more nonfamily members to its board. Nonfamily members can sometimes help the family make more objective grantmaking decisions. Family members also tend to behave differently in the presence of nonfamily members, helping to shift family dynamics that may be getting in the... Read More
American country music artist Barbara Mandrell sings that she was “country when country wasn’t cool.” For The McCarthy Charities, the lyrics would be this: “We were a family foundation, when family foundations weren’t cool,” or something to that effect. The Samuel N. and Mary Castle Foundation—America’s oldest family foundation still in existence—is only 23 years... Read More
Youth philanthropy describes diverse youth activities. Some associate youth philanthropy with young people making grants as members of junior boards to family foundations or advisors to community foundations. Others use the term to describe service learning in school or volunteering as part of a youth or religious organization. Fundraising for the benefit of another also... Read More
Five years ago, Sy Schwartz announced to his three grown children in their fifties that he wanted them to start giving money away. He would supply the family foundation with $175,000 for them to give collectively. If they did a good job and got along well, the money would increase the next year. Schwartz was... Read More
As the sole staff person of her family’s foundation, the Patrick Carney Foundation, Kate Larisa’s job has its share of challenges. Even if you’re part of the family, staffing a foundation can be lonely work. “I found it essential to form relationships with others and not be afraid to ask for help,” says Larisa. “If... Read More
Whatever your family’s goals for its giving, these tools and practices can help along the way. Working with consultants Beyond tax, legal, and investment matters, consultants can help your family in a variety of areas, including: Strategic planning, such as crafting a mission statement or planning for evaluation Board development, such as creating policies or... Read More